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19-06-2021 | Asia

Raftaar, a rapper from India, is the first to accept a performance fee in cryptocurrency.

Rapper Raftaar has announced that as part of his performance fee, he will accept cryptocurrencies rather than cash.

He is the first Indian musician to accomplish this. Raftaar stated that he has long admired blockchain technology and that being able to take payments using the same technology is a dream come true for him. He has already started accepting cryptocurrency payments for his upcoming July event.

In recent years, there has been an increase in the demand for cryptocurrency. The mania has been fuelled by tech tycoon Elon Musk's frequent promotion on social media. Ankit Khanna, Raftaar's manager, has been credited for arranging for cryptocurrencies to be accepted as a performance fee. He said he's always questioned why artists and managers haven't grasped the disruptive medium's potential yet.

"However, I've finally taken the baby steps in this route," Raftaar told news agency IANS. "All credit goes to my manager, Ankit Khanna, for making my dream a reality for me." Khanna has been Raftaar's business partner and manager for a long time.

Cryptocurrency is a type of electronic money. Rather of a single authority, cryptocurrency transactions are confirmed and records kept by a decentralised system using cryptography. Global artists such as 50 Cent, Mariah Carey, G-Eazy, Sia, Fall Out Boy, the Backstreet Boys, and Lana Del Rey, among others, are accepting cryptocurrencies as payment for their performances rather than cash.

Musk attempted to offer a song as an NFT in March before backing down and deciding against it. The billionaire did, however, include a looping video to the news tweet Musk sent out. The words "Vanity Trophy" circle around a golden orb placed to the top of an actual trophy saying "HODL," which stands for "hold on for dear life," in the video.

Indian consumers presently have bitcoin assets worth more than $1.5 billion, according to a recent IndiaTech.org report, and their daily cryptocurrency exchanges are around $350-500 million.

Despite the uncertainty, Artur Schaback, Co-Founder and Chief Operating Officer of Paxful, a peer-to-peer (P2P) trading platform, feels that the planned panel of experts who will take the first step toward regulating cryptocurrency in India is a reason to be optimistic. Schaback also claims that cryptocurrency investment has matured, and that investors are no longer concerned that the price would continue to decline. "Demand for cryptocurrency is increasing in India," he observed.

El Salvador has become the first country in the world to recognise Bitcoin as a legal tender.

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